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Neovia Financial reports 21% decline in Q3 revenue

Neovia Financial plc (Neteller) issued a trading statement this week on its quarter three performance for the period ended September 2009, but the news wasn't good - a 21% year-on-year decline in revenue.

Challenging market conditions continued to prevail as the company reported:

  • Fee revenue of $14.9 million, a substantial decline compared to Q3,2008: $17.5 million.
  • Active e-wallet users up 1% on Q3,2008 to 98,357; the trend for active e-wallet users to generate lower fees per user is continuing.
  • The Newteller platform venture on track to launch fully in Q1,2010.
  • Total revenue for the period was $15.1 million, a decline of 21% compared to Q3,2008's $18.2 million.
  • Cash position rmains strong.

Given current economic conditions, Management says it continues to take a prudent view of the group's short term outlook and maintain tight control over operating costs and cash management.

Source: InfoPowa News

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